How to File a Tax Extension Online
It’s not possible by everybody to file their tax returns before the official deadline set by the IRS i.e. April 15. Busy work schedule, health issues or lack of required financial documents, the reason for failing to file tax returns could be anything. If one fails to file the tax returns before April 15 the penalties are no less. The penalties could range from a minimum of 5% to a maximum of 25% of the balance tax due. In situations like these, in order to avoid these penalties, one could ask for an extension of time from the IRS to file the tax returns.
The good news is that IRS doesn’t need a valid reason to approve this tax extension and all it takes is filling the tax extension form 4868 for individuals and form 7004 for businesses. These forms are available both online and can be requested via post as well. They can be filed online (E-filing) or the completed forms can be sent to the IRS via post as well. E-filing is a lot quicker, easier and reliable when compared to the latter. Read on to know how to file a tax extension within minutes by e-filing your tax extension forms.
• Before knowing how to file a tax extension it is better to understand what exactly it means. It allows for an extension of time only on filing tax returns and not on paying your tax dues. April 15 will remain to be the last date to pay your tax dues regardless of whether or not you filed for an extension.
• E-filing or electronic filing is the newest and easiest way to file tax forms. There are many IRS authorized e-file providers who can submit tax extension forms directly to the IRS on your behalf. It wouldn’t take more than 5 minutes to fill the forms 4868 and 7004 online.
• It’s not just about knowing how to file a tax extension, but you should also know what to do after filing for an extension. By e-filing your forms you unlock the privilege of receiving a confirmation mail on your form’s approval by the IRS. This is not the case if you are manually filing your forms via post.
• You can also track the status of your form by logging into these e-filing provider sites. IRS regards e-filing to a great extent and tax refunds are easy when you e-file your extension forms rather than mail them. Chances are sometimes your tax form can get displaced in the mail and might never reach IRS for an approval.
This Article was written by Marcus Cherep. Visit our site at survivingtaxes and for more details.
The good news is that IRS doesn’t need a valid reason to approve this tax extension and all it takes is filling the tax extension form 4868 for individuals and form 7004 for businesses. These forms are available both online and can be requested via post as well. They can be filed online (E-filing) or the completed forms can be sent to the IRS via post as well. E-filing is a lot quicker, easier and reliable when compared to the latter. Read on to know how to file a tax extension within minutes by e-filing your tax extension forms.
• Before knowing how to file a tax extension it is better to understand what exactly it means. It allows for an extension of time only on filing tax returns and not on paying your tax dues. April 15 will remain to be the last date to pay your tax dues regardless of whether or not you filed for an extension.
• E-filing or electronic filing is the newest and easiest way to file tax forms. There are many IRS authorized e-file providers who can submit tax extension forms directly to the IRS on your behalf. It wouldn’t take more than 5 minutes to fill the forms 4868 and 7004 online.
• It’s not just about knowing how to file a tax extension, but you should also know what to do after filing for an extension. By e-filing your forms you unlock the privilege of receiving a confirmation mail on your form’s approval by the IRS. This is not the case if you are manually filing your forms via post.
• You can also track the status of your form by logging into these e-filing provider sites. IRS regards e-filing to a great extent and tax refunds are easy when you e-file your extension forms rather than mail them. Chances are sometimes your tax form can get displaced in the mail and might never reach IRS for an approval.
This Article was written by Marcus Cherep. Visit our site at survivingtaxes and for more details.
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